Archives International Auctions Auction 86B August 15, 2023

Archives International Auctions - Sale 86b 65 August 15, 2023 Archives International Auctions www.archivesinternational.com 1254 1254Equity Funding Corp. of America, 1970-80’s Specimen Stock Certificate Historic Insurance Scandal and Fraud. Delaware, ND (1980-1990s). >100 Shares Specimen Stock Certificate, Black text with green border and underprint, Allegorical woman with wires and globe at top center. Red specimen overprints and POCs. VF condition, SCBN. Equity Funding Corporation of America was a Los Angeles-based U.S. financial conglomerate that marketed a package of mutual funds and life insurance to private individuals in the 1960s and 70s. It collapsed in scandal in 1973 after ex-employee Ronald Secrist and securities analyst Ray Dirks blew the whistle on massive accounting fraud, including a computer system dedicated exclusively to creating and maintaining fictitious insurance policies. Investigation found that from 1964 onward, as many as 100 company employees had engaged in organized deception of investors, auditors, reinsurers and regulatory authorities. The company created more than 60,000 bogus life insurance policies that it sold to reinsurance companies for a fee. In order to pay the premiums on the policies, Equity Funding created additional bogus policies that they would also sell. Sometimes they would claim the bogus policyholder died and then receive the death benefits from the reinsurance company. An important sidelight was the filing of insider trading charges against whistleblower Dirks. The ensuing case of Raymond L. Dirks v. Securities and Exchange Commission went all the way to the U.S. Supreme Court where Dirks was finally acquitted. The case has been termed historic in helping to define insider trading, as well as the treatment of whistleblowers, analysts and the press. ������������������������������������������������������������������� Est. $120-240 1255 1255 Goldman Sachs Group, Inc. ca. 1998 “IPO” Specimen Stock Certificate New York (Inc. in Delaware), 1998, Goldman Sachs Group, Inc.. Odd Shares Specimen Stock certificate, Black text with multicolored border at right adjacent to a line of buildings. Specimen POCs, Unc. condition. The Goldman Sachs Group, Inc., is an American multinational investment bank and financial services company headquartered in New York City. It offers services in investment management, securities, asset management, prime brokerage, and securities underwriting. ����������������������� Est. $200-400 1256 1256 International Securities Exchange, Inc. “ISE” 2005 IPO Specimen Stock Certificate, Now Part of NASDAQ Delaware, 2005. Odd Shares ,Specimen Class A Stock Certificate, Black text with blue border at left and underprint, ISE logo at top center. Red specimen overprint and POCs, Unc. condition, ABNC. The International Securities Exchange (ISE) is an electronic options exchange that was launched in 2000. The exchange provides investors with greater liquidity and the ability to execute transactions at a much faster rate than the open outcry trading floor that had historically been the basis for options trading. In 2008, the ISE became a wholly owned subsidiary of the communications company Direct Edge Holdings. In 2016, the ISE became a wholly owned subsidiary of Nasdaq. ����������������������������������������������� Est. $180-350 Illinois 1257 1257 Celement, Bane & Co., ND (ca.1900s), Specimen Check Chicago…..., Illinois, ND (ca.1900s). Specimen Check with the Corn Exchange National Bank as corresponding bank, black printing on white paper, Specimen overprint and POCs, PCGS graded Very Choice New 64 PPQ. ����������������������������������������������������������������� Est. $60-120 Maryland 1258 1258Ocean Mutual Insurance Co. of Baltimore, 1853, I/U Dividend Certificate Baltimore, Maryland,….,. 1853. $30 of profits from the Company, Black print on blue paper. Fine condition. ���������������������������������������������������������������������������� Est. $40-80